Listing is a term in the securities market. In a narrow sense, initial public offering (IPO) refers to the process that an enterprise issues shares to investors for the first time through a stock exchange in order to raise funds for enterprise development. When a large number of investors subscribe for new shares, they need to draw lots for allotment, which is also called drawing new shares. Investors who subscribe expect to sell at a price higher than the subscription price. Under the environment of China, the listing is divided into two parts: China company is listed on China Shanghai Stock Exchange and China Shenzhen Stock Exchange; China companies go directly to non-Chinese mainland stock exchanges (such as Hongkong Stock Exchange, new york Stock Exchange, Nasdaq Stock Exchange, London Stock Exchange, etc.). ) and China companies indirectly set up offshore companies overseas and listed on overseas stock exchanges in the name of offshore companies (red chips).
Since 20 1 1, the State Council has clearly proposed to build a multi-level capital trading market with the first-level main board, small and medium-sized board, second-level growth enterprise market, third-level national small and medium-sized enterprise share transfer system (New Third Board) and fourth-level regional equity trading market as the framework.
It can also be clearly seen in the documents issued by the local government that "the reserve resource pool of listed companies should be improved, and the market optimization mechanism should be established to promote the listing and financing of start-ups in Shenzhen Stock Exchange, the National Small and Medium-sized Enterprise Share Transfer System (referred to as the" New Third Board ") and regional equity trading markets." Attention.
Therefore, broadly speaking, listing includes not only the public (non-directional) issuance of shares by companies, but also the listing and trading in China multi-level capital market and the release/launch of new products or services in the market.